Alden Global Capital adds Pier 1 Imports Inc (PIR) to its portfolio

Pier 1 Imports Inc (PIR) : Alden Global Capital added new position in Pier 1 Imports Inc during the most recent quarter end. The investment management firm now holds 7,913,500 shares of Pier 1 Imports Inc which is valued at $41,704,145 , the company said in a statement filed on Nov 14, 2016 with the SEC.Pier 1 Imports Inc makes up approximately 38.00% of Alden Global Capital’s portfolio.

Other Hedge Funds, Including , Two Sigma Advisers Lp boosted its stake in PIR in the latest quarter, The investment management firm added 90,220 additional shares and now holds a total of 183,520 shares of Pier 1 Imports Inc which is valued at $967,150. Stevens Capital Management Lp sold out all of its stake in PIR during the most recent quarter. The investment firm sold 26,446 shares of PIR which is valued $120,594.Blackrock Fund Advisors boosted its stake in PIR in the latest quarter, The investment management firm added 153,239 additional shares and now holds a total of 2,265,462 shares of Pier 1 Imports Inc which is valued at $10,330,507.

Pier 1 Imports Inc opened for trading at $5.78 and hit $5.91 on the upside on Monday, eventually ending the session at $5.79, with a gain of 0.52% or 0.03 points. The heightened volatility saw the trading volume jump to 12,01,379 shares. Company has a market cap of $481 M.

On the company’s financial health, Pier 1 Imports Inc reported $-0.05 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Sep 28, 2016. Analyst had a consensus of $-0.06. The company had revenue of $405.80 million for the quarter, compared to analysts expectations of $405.56 million. The company’s revenue was down -6.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.04 EPS.

Many Wall Street Analysts have commented on Pier 1 Imports Inc. Company shares were Reiterated by Telsey Advisory Group on Nov 15, 2016 to “Market Perform”, Firm has raised the Price Target to $ 5.50 from a previous price target of $5 .Company shares were Reiterated by Telsey Advisory Group on Sep 29, 2016 to “Market Perform”, Firm has raised the Price Target to $ 5 from a previous price target of $4.50 .Shares were Reiterated by Wedbush on Sep 8, 2016 to “Neutral” and Lowered the Price Target to $ 4 from a previous price target of $5 .

Pier 1 Imports Inc. is a global importer of home decor and furniture. The Company’s operations consist of retail stores and an e-commerce Website conducting business under the name Pier 1 Imports which sells a range of furniture home furnishings dining and kitchen goods candles gifts and other specialty items for the home. The Company operates approximately 984 stores in the United States 81 stores in Canada and an e-commerce Website. Its stores in the United States and Canada average approximately 9900 gross square feet which includes an average of approximately 7900 square feet of retail selling space. The stores are located in freestanding units near shopping centers or malls and in-line positions in shopping centers. It operates in all United States and Canadian metropolitan areas and in primary smaller markets. The Company’s categories of merchandise include decorative accessories and furniture.

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